Despite The Bitcoin Price Dip, This Week Was Incredibly Bullish

I do know that this recommendation is more uncomplicated stated than performed, however don’t get distracted through the cost of bitcoin. 

We closed closing Friday at $56,000 and noticed the fee achieve and all-time top over the weekend, but the marketplace determined to drag again. It is a characteristic, no longer a trojan horse. Keep in mind that bitcoin is a mature asset and the marketplace is in worth discovery mode 24/7. 

If you happen to glance past the charts and browse the headlines from this week, you can suppose a dramatic worth upward push can be happening. 

Tuesday, February 23

In a deceptively lackluster announcement, Money App guardian corporate Sq. introduced a purchase order of $170 million value of BTC that now places five % of its reserves in bitcoin. If it wasn’t for the insanely bullish headlines from Tesla and MicroStrategy up to now weeks, this announcement would possibly have made larger waves. Musk set the bar and this transfer from Sq. left many Bitcoiners questioning, “What is that this, a treasury reserve allocation for ants?”

Wednesday, February 24

Of their endless quest to shop for all of the sats, MicroStrategy introduced it’s acquire of $1.026 billion of bitcoin. This headline made waves thru Bitcoin Twitter and MicroStrategy CEO Michael Saylor made appearances on mainstream media justifying the transfer and making the case for bitcoin as a essential treasury reserve asset. Each and every time he made an look, he furthered the Bitcoin meme and for sure left audience wondering their worldview. 

Thursday, February 25

Coinbase introduced it’s S-1 submitting to head public on NASDAQ. This announcement didn’t sign any giant purchases of bitcoin, however shared some very attention-grabbing insights into Coinbase’s customers and its present BTC holdings. 

See Additionally

Bitcoin Price AnalysisBitcoin Price Analysis

We discovered that the change has greater than 43 million KYC-compliant customers and holds roughly $130 million in BTC. We’ve lengthy speculated about what number of HODLers are in the market, and now that we all know Coinbase has 43 million customers, we’ve got a line within the sand. The massive head scratcher is how an organization that was once based in 2012 most effective has $130 million in BTC to it’s identify.

However I imagine that the important thing piece of data right here is this was once an extremely bullish week, regardless of worth dips that would possibly counsel another way. Those are all huge headlines that additional enhance the concept that the herd is coming, and this time it’s being led through establishments. 

The query you will have to be asking of yourself is: What’s my private treasury reserve technique?

Joe Rodgers

BBQ, dad jokes and pleb existence. Bitcoin Monk. Development WORDS @_bitcoinwords.

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